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Can you do a voluntary foreclosure and can the bank come after you for any other fees or hidden costs or can the bank attach a lien to any other property such as vehicles or an existing paid for home?

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Wiki User
2009-02-19 21:29:06
2009-02-19 21:29:06

Yes, you can submit to the lender a document called a deed of foreclosure.


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Voluntary repossession" is a term used to describe a situation in which a consumer voluntarily surrenders the property securing a loan, such as an automobile, to the lender that financed the purchase. Voluntary repossessions generally occur when a consumer has fallen behind on his or her loan payments, and decides to surrender the property rather than forcing the creditor to proceed with repossession. Voluntary repossessions occur most frequently with vehicles, but can occur with any type of secured loan, such as the purchase of work equipment, jewelry, etc.

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You can have as many vehicles on your property as you please, as long as they're YOURS and aren't infringing on ANYONE ELSE's property.

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Yes. Vehicles are secured loans and subject to conditions of the loan agreement. The consumer is usually notified before repossession, unless they have made an attempt to avoid it or conceal the vehicle(s). Voluntary relinquishment of the property is the best option.

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